"Yes the money is expensive...." |
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d4everman
Junior Executive Joined: 25 May 2011 Location: Fayetteville NC Status: Offline Points: 1330 |
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Posted: 14 Feb 2012 at 5:30pm |
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So now you can solve money issues by borrowing more money with high interest?
Talk about legally ripping folks off. They even tell YOU you're getting ripped off if you think about it. ("Yes, the money is expensive.....")
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Thor
Revolutionary Joined: 16 Apr 2008 Location: Rockaway, NJ Status: Offline Points: 63905 |
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The commercial's bad, but the business it represents is worse.
See here for more comments:
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jenjen
Revolutionary Joined: 15 Apr 2008 Location: Corona, CA Status: Offline Points: 760 |
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Tiz
Revolutionary I donated! Joined: 15 Apr 2008 Location: Virginia Status: Offline Points: 15588 |
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At least he's upfront about it rather then written in some small print like most ads.
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sgtrock21
Junior Executive Joined: 18 Dec 2011 Location: Oregon Status: Offline Points: 6884 |
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The average person can never get out of debt by borrowing more. Companies, corporations, interprenures, and inventors may possibly make money by borrowing. The only way to get out of debt is by cutting expenses to the point of survival only, and paying it off. Go to the nearest consumer credit office and set-up a plan.
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Dreamstalker
Junior Executive Joined: 30 Mar 2009 Status: Offline Points: 286 |
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It is in small print. The newer ads have white text on a light background so it's harder to read, but what I was able to see had something like 116% interest/84 months/$400 month terms. |
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Malcolm Reynolds
Junior Executive Joined: 08 Dec 2009 Location: Wisconsin Status: Offline Points: 217 |
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The interest is high because you're borrowing money with no credit check, and because you're expected to pay it back within 2 weeks (that's why it's called a PAYDAY loan). Anyone who expects to pay back any debt making minimum payments is delusional and has no business managing their own money.
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"If you make your software idiot proof, nature will make a better idiot."
-Me |
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Tiz
Revolutionary I donated! Joined: 15 Apr 2008 Location: Virginia Status: Offline Points: 15588 |
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I see your point, but the guy says "the money is expensive" in the commercial. You won't hear Troy Aikman from Rent a Center telling us "yes, this 50 inch plasma TV is expensive to own" - but you can have it for $19 a week.
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Hezadancer
Junior Executive Joined: 06 May 2008 Location: Around Status: Offline Points: 3770 |
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Hey at least they're being honest, maybe that's just how indian code goes.
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It's ok, I'm in marketing!
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Annoyedalot
Junior Executive Joined: 20 Jan 2012 Location: MA Status: Offline Points: 223 |
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There are laws against a practice called usury. Usury is, for all intents and purposes, loan sharking. There are legal rates set that legally can't be exceeded. Based on how high mortgage rates got during the Carter years and the fact that some credit cards go as high as 29.99%, I suspect the usual limit is around 30%. These limits are set by individual states. I suspect that Native American tribes are not subject to these laws which is how they get away with 116+%. I'd rather take my chances with Tony Soprano than these people. I bet his rates were lower.
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aka ron
Honor Roll Joined: 11 Apr 2009 Location: WI Status: Offline Points: 33539 |
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On my muddas birtday........ |
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DirtyD79
Revolutionary Joined: 15 Apr 2008 Location: Pittsburgh,PA Status: Offline Points: 2005 |
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Mind on My Money, Money on My Beer
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Pervis
Junior Executive Joined: 19 Feb 2012 Location: Unistat Status: Offline Points: 209 |
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Yeah, it is because they run the companies off reservations so they don't have to deal with those laws. I worked in the casino/resort industry for almost a decade and dealt with numerous issues involving tribes. They could pretty much do whatever they wanted because federal law did not apply to them. The tribal leaders would set up huge businesses and reap all the benefits. Since banking regulations and other such laws have been brought forward they are now using their federal legal immunity to become loan sharks. The really sad thing is that the vast majority of Native Americans don't benefit from this. The tribal leaders take advantage of their sovereign status on the reservation and put very little back into the community. So they are ripping off Americans and their own people as well. I find it quite disgusting.
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Cathode_Ray
Junior Executive Joined: 21 Feb 2012 Location: Digital Tier Status: Offline Points: 220 |
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There's a second version of this commercial, with a young woman. I reckon they thought she'd "soften" the blow a bit, but it's still annoying and condescending.
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Tiz
Revolutionary I donated! Joined: 15 Apr 2008 Location: Virginia Status: Offline Points: 15588 |
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^^^ I just starting seeing those.
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insanity213
Ad Exec Joined: 16 Mar 2011 Location: Texas Status: Offline Points: 7806 |
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I just saw this one too for the first time .. I'd never seen the one with the guy. Just ridiculous ...
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Thor
Revolutionary Joined: 16 Apr 2008 Location: Rockaway, NJ Status: Offline Points: 63905 |
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"The money is expensive"??? What an awkward way of saying "The loan is expensive". Money itself is not actually expensive.
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d4everman
Junior Executive Joined: 25 May 2011 Location: Fayetteville NC Status: Offline Points: 1330 |
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No Good Deed Goes Unpunished
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Thor
Revolutionary Joined: 16 Apr 2008 Location: Rockaway, NJ Status: Offline Points: 63905 |
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Well, at least people know what they're getting into when they take out a loan from these guys. Or they should, anyway.
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d4everman
Junior Executive Joined: 25 May 2011 Location: Fayetteville NC Status: Offline Points: 1330 |
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Lomg story short, I make it a point to not let any soldiers under my influence ever borrow money from anything even remotely like Western Sky.
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No Good Deed Goes Unpunished
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Tiz
Revolutionary I donated! Joined: 15 Apr 2008 Location: Virginia Status: Offline Points: 15588 |
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She says their cheaper than a payday advance loan. Hate to see what they charge..
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msmith
Junior Executive Joined: 23 Apr 2008 Location: Elyria, OH Status: Offline Points: 385 |
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I hear they knock .01% off the interest if you bring your own jar of Vasoline.
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archan127
Newbie Joined: 16 Mar 2012 Location: 75061 Status: Offline Points: 11 |
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so i don't understand. if the money is expensive, then why would anyone see this as an alternative to any other ripoff payday loan service?
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d4everman
Junior Executive Joined: 25 May 2011 Location: Fayetteville NC Status: Offline Points: 1330 |
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No Good Deed Goes Unpunished
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PaWolf
Revolutionary Hoary Ol' Chestnut... doncha know.... Joined: 15 Apr 2008 Location: GreatWhiteNorth Status: Offline Points: 40769 |
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Because 'payday loans' are actually illegal in some states (such as New York), yet, being this would originate from a Reservation, it can be had (a 'loophole' thing). These are EASY to qualify for, and, if you CAN pay it off in a single installment (fat chance), it would only cost your left arm, first child, and right nut. You CAN get out of this alive, if you are stupid enough to get into one of these. Mind you, the LEAST amount they will loan you is a large amount, and the LOWER the amount, the GREATER the PENALTY. This is a ploy to feed off of the unfortunate, desperate folks - if you sign up, you are indeed screwed, make NO mistake about that. Should ANYONE be in such a dire position (and I mean absolutely NO other means to acquire rapid funds, but DO have the ability to pay back within a very few months) and reside in a state such as New York (where options are limited), but only need a few hundred dollars, there are indeed 'RES LOANERS' that, although still expensive, can indeed help and provide a manageable solution (but don't forget! they ARE in the business to make a living - off of YOU!). The loophole? Have and utilize a savings account - not a checking - the rules change. You MUST be absolutely desperate to go this route; TALK TO EVERYONE YOU CAN FIRST - especially any friend in the Financial industry.
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"What we do for ourselves dies with us, What we do for others is and remains immortal." - Albert Pike |
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